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Penn National Gaming reported first-quarter earnings Thursday morning, sending the stock lower.
The keys for investors could be the discussion on growing momentum at land-based casinos and the continued rollout of Barstool Sportsbook.
What Happened:
Penn National Gaming s (NASDAQ: PENN) first-quarter revenue was down 6% year-over-year. Revenue of $1.27 billion in the first quarter beat Street estimates of $1.14 billion.
The company reported earnings per share of 55 cents, coming in ahead of Street estimates of 29 cents per share.
Penn National Gaming highlighted strong demand at land-based casinos and cost structure improvements. The company posted net income growth of 7% year-over-year in the first quarter and record adjusted EBITDAR margins of 35%.
Author Bio
A Fool since 2019, and a graduate of Cal State LA with a B.S. in Finance and M.A. in Economics. Parkev is an adjunct professor of Finance and enjoys reading about financial and economic history. You ll often find him writing about stocks in the consumer goods and technology sectors. Follow @TMFParkev
Penn National Gaming (NASDAQ:PENN) is set to report first-quarter earnings on May 6. The company, which operates gaming properties across the U.S. and the popular Barstool Sportsbook online gaming app, hopes to bounce back after the disruption to its business from COVID-19.
Nearly 150 million Americans have received at least one dose of a vaccine against the coronavirus. That s giving people more confidence to visit places like casinos. Still, the bigger story for Penn National Gaming shareholders is the progress of its sports-betting business. The segment is growing rapidly and has more potential in the long run than the company s trad
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HitPoint has developed many real-time multiplayer casual mobile games.
LuckyPoint was spun off of HitPoint to focus on the real money side of the business. Along with real money casino-style games, LuckyPoint offers retro-style arcade games and puzzle games.
Penn National Gaming has more than 20 million members in its mychoice loyalty rewards program to which it can market the games. The integration of the new gaming platform and casino games with Barstool Sportsbook could help increase monetization of more profitable segments.
Author Bio
A Fool since 2019, and a graduate of Cal State LA with a B.S. in Finance and M.A. in Economics. Parkev is an adjunct professor of Finance and enjoys reading about financial and economic history. You ll often find him writing about stocks in the consumer goods and technology sectors. Follow @TMFParkev
Penn National Gaming (NASDAQ:PENN) is set to report first-quarter earnings on May 6. The company, which operates gaming properties across the U.S. and the popular Barstool Sportsbook online gaming app, hopes to bounce back after the disruption to its business from COVID-19.
Nearly 150 million Americans have received at least one dose of a vaccine against the coronavirus. That s giving people more confidence to visit places like casinos. Still, the bigger story for Penn National Gaming shareholders is the progress of its sports-betting business. The segment is growing rapidly and has more potential in the long run than the company s trad